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chapter 10 vocabulary
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23
Business
12th Grade
12/04/2012

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Cards

Term
risk
Definition
a measure of the likelihood that something will be lost.
Term
risk management
Definition
the process of measuring risk and finding ways to minimize or manage loss.
Term
dependent
Definition
an individual who relies on someone else for financial support (such as a child), a spouse, or an elderly parent.
Term
policyholder
Definition
the person who bought an insurance policy.
Term
premium
Definition
a set amount of money paid to the insurance company on a regular basis.
Term
deductible
Definition
the amount you must pay before insurance begins to pay.
Term
fee-for-service plans
Definition
pays for covered medical services after treatment is provided.
Term
coinsurance
Definition
a percentage of the service cost that a patient pays.
Term
inpatient
Definition
a person whose care requires stay in the hospital.
Term
managed care plans
Definition
contracts with specific doctors, hospitals, and other health care providers to deliver medical services and preventive care to members at reduced cost.
Term
co-payment
Definition
 a flat fee the patient must pay for medical services.
Term
health savings account (HSA)
Definition
a tax-advantaged savings account available to people enrolled in qualified high deductible health plans (HDHP)
Term
exclusions
Definition
refer to medical services that are not covered.
Term
preexsting conditions
Definition
an illness or injury you had before signing up for health care insurance.
Term
beneficiary
Definition
a person or organization named by the policyholder to recieve assets after the policyholders death.
Term
term life insurance
Definition
provides protection only for a specific period of time .
Term
whole life insurance
Definition
provides basic lifetime protection so long as premiums are paid.
Term
endowment insurance
Definition
pays the face value of the policy to beneficiaries if the insured dies before the endowment period ends.
Term
appraisal
Definition
an estimate of the current value of property.
Term
depreciation
Definition
a decrease in the value of property as a result of age wear and tear.
Term
bodily injury liability
Definition
coverage that protects you when you are responsible for an auto accident theat results in the injury or death of other parties.
Term
property damage liability
Definition
protects you when you are responsible for an auto accident in which the property of others is damaged.
Term
no-fault insurance
Definition
eliminates the faultfinding process in settling claims
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